Tamil Nadu CM M.K. Stalin Secures ₹900 Crore Investment Deals During US Visit

CM M K Stalin in US: 6 tech firms sign Rs 900 crore deals with Tamil Nadu govt | Chennai News - Times of India

CHENNAI: The Tamil Nadu govt has signed MoUs with six global technology firms for investments totalling 900 crore with potential to create 4,100 jobs in different parts of the state. The deals were signed in the presence of chief minister M K Stalin at an Investors Conclave in San Francisco on Thursday to set up research and development (R&D) and delivery centres in the state. Finnish telecom major Nokia signed an agreement for setting up a new fixed network R&D lab at Siruseri. The project entails potential investment of 450 crore and, the company said, it will be the largest for its fixed networks business. Payments company PayPal plans to set up an advanced development centre focused on artificial intelligence (AI), with potential employment for about 1,000 people. CM: Over 300 US firms have operations in TN Infinx Healthcare is to set up a technology delivery centre at Madurai with an investment of ₹50 crore and potential for 700 jobs. Applied Materials, a semiconductor and display equipment player, will build an advanced AI-based technology development centre for semiconductor manufacturing and equipment. Microchip Technology plans ₹250 crore investment for a R&D Centre in semiconductor technology at Chennai. Yield Engineering Systems, maker of manufacturing processing equipment, has agreed to set up a product development and manufacturing facility for semiconductor equipment at Coimbatore with an investment of ₹150 crore. Speaking at the conclave, Stalin highlighted the state's development metrics, availability of skilled talent, ease of doing business and proactive policy measures. "Tamil Nadu and America have well-established trade relations and more than 300 US firms have operations in the state. I consider this as a recognition for TN's industrial growth," he said.

TN govt inks pact with Microchip, Nokia, PayPal during CM's visit to San Francisco

The Tamil Nadu government has secured commitments from major industrial companies including Nokia, PayPal, Yield Engineering Systems, Microchip, Infinx, and Applied Materials, totaling Rs 900 crore to create 4,100 jobs in Chennai, Coimbatore, and Madurai. These agreements were signed during a recent investors' meeting in San Francisco, led by Chief Minister M.K. Stalin, who is on a US tour to attract investment for the state's goal of becoming a $1 trillion economy by 2030. The Tamil Nadu government inked pacts with leading industrial companies including Nokia, PayPal, Yield Engineering Systems, Microchip, Infinx, and Applied Materials for a commitment of Rs 900 crore to provide employment to 4,100 people in Chennai, Coimbatore and Madurai, the government said on Friday. Six companies signed the Memorandum of Understanding (MoUs) in the presence of Tamil Nadu Chief Minister M K Stalin and officials during the investors meeting in San Francisco, an official release here said. The chief minister, who is leading a high-level official delegation, is currently on a tour to the US till September 14 to attract investments into Tamil Nadu, as part of an ambitious goal to transform the state into a USD one trillion economy by 2030. He left for the US on August 27. He participated in a meeting with potential investors in San Francisco on Thursday. An MoU was signed with Nokia, represented by Chief Strategy and Technology Officer Nishant Batra and President - Fixed Network Business Group Sandy Motley, for a new Nokia R&D Center, their Largest Fixed Network test bed in the world, for innovations in 10G, 25G, 50G, and 100G PON, Fixed Wireless Access, MDU solutions, to be set up at SIPCOT, Siruseri, Chengalpattu at a cost of Rs 450 crore generating 100 jobs. The Finnish multinational telecommunications, information technology and consumer electronics company is one of the Fortune 500 companies. An agreement with the American multinational financial technology company supporting online money transfers PayPal, represented by Srini Venkatesan and Zi-Yang David Fan, for an Advanced Development Centre focused on AI, to be set up at Chennai, generating 1,000 jobs, was signed on the occasion. The government also inked pact with Yield Engineering Systems, headquartered in Fremont, California, represented by Ramakanth Alapati and Prabhat Mishra, for a product development & manufacturing facility for semiconductor equipment to be set up at Sulur, Coimbatore, at a cost of Rs 150 crore, generating 300 jobs. The TN government signed a MoU with Microchip, headquartered in Chandler, Arizona, represented by Patrick Johnson and Bruce Weyer, for an R&D Centre in semiconductor technology to be set up at Semmancherry, Chennai, at a cost of Rs 250 crore, generating 1,500 jobs. Globally, Microchip has many manufacturing facilities in countries like the USA, China, Thailand, South Korea etc. The company is one of the Fortune 500 companies. Microchip has been operating in Chennai since 2012, the release said. A pact was inked with Infinx healthcare technology company, headquartered in San Jose, California, represented by Radhika Tandon, for a Technology and Global Delivery Centre to be set up at ELCOT Vadapalanji, Madurai, at a cost of Rs 50 crore generating 700 jobs. Another MoU was signed with Applied Materials, world's number one semiconductor and display equipment company, represented by Prabu Raja and Satheesh Kuppurao, for an Advanced AI-Enabled Technology Development Centre for Semiconductor Manufacturing & Equipment to be set up at Taramani, Chennai, generating 500 jobs. The firm is based in Santa, California, and operates from Clara city as its corporate headquarters. Industries Minister T R B Rajaa, and senior government officials were present during the signing of the agreements. The chief minister would address the Tamil community on August 31, and hold discussions with representatives from the US-based companies at Chicago on September 2, and urge them to invest in Tamil Nadu. During his trip, he would meet the CEOs of Fortune 500 companies. He will return to Chennai on September 14.

Stalin signs six MoUs in U.S. for 900 investments to Tamil Nadu

Tamil Nadu chief minister MK Stalin during the first leg of his United States trip announced on Friday in San Francisco that he has secured investments worth over ₹900 crore and creating over 4,000 jobs at Chennai, Coimbatore, Madurai and Chengalpattu. A total of six MoUs were signed between Tamil Nadu and companies like Nokia, PayPal, Yield Engineering Systems, Microchip, Infinix and Applied Materials at the Tamil Nadu Investment Conclave at San Francisco, US on Thursday evening local time. "The first day in San Francisco has set a promising tone for the days to follow. Secured investments exceeding ₹900 crores at Chennai, Coimbatore, Madurai, and Chengalpattu, paving the way for 4,100 new jobs in multiple sectors," Stalin said in a post on X. "With two more weeks ahead, we continue to intensify this momentum and attract more investors to Tamil Nadu, propelling our march towards a trillion dollar economy." Telecommunications major Nokia has pledged to establish its largest fixed network testbed at an investment of ₹450 crore in Chennai. Nokia's new facility which will function as the testbed for the company's technological innovations in 10G, 25G, 50G, and 100G passive optical networks will be set up in an area of three acres at an industrial park in Siruseri run by the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), an official familiar with the matter said on Friday. Fintech company PayPal, which already has 2,500 people working in Chennai, signed a MoU for setting up an advanced development centre focussed on AI employing about 1,000 people. US-based Applied Materials will set up an advanced Artificial Intelligence-enabled technology development centre for manufacturing semiconductor equipment in Chennai's Taramani area, generating around 500 jobs. "It will be an advanced AI centre for semiconductor manufacturing. Applied Materials already has a small centre in Chennai and this new facility will be in addition to the existing one," an official said. Microchip Technology will set up a R&D centre in Semiconductor Technology at Chemancherry in Chennai with an investment of ₹250 crore, generating employment for 1,500 people. Yield Engineering Systems will set up a product development and manufacturing facility for semiconductor equipment in Coimbatore, employing 300 people with an investment of ₹150 crore. Infinix Healthcare will also set up a Technology and Global Delivery Centre at ELCOT (Electronics Corporation of Tamil Nadu) in Madurai with an investment of ₹50 crore. It will provide employment opportunities to 700 people, the government said in a statement.

Tamil Nadu Govt Inks Pact with Microchip, Nokia, PayPal During CM's Visit to San Francisco - News18

Six companies signed the Memorandum of Understanding in the presence of Tamil Nadu Chief Minister M K Stalin and officials during the investors meeting in San Francisco, according to an official release. The Tamil Nadu government inked pacts with leading industrial companies including Nokia, PayPal, Yield Engineering Systems, Microchip, Infinx, and Applied Materials for a commitment of Rs 900 crore to provide employment to 4,100 people in Chennai, Coimbatore and Madurai, the government said on Friday. Six companies signed the Memorandum of Understanding (MoUs) in the presence of Tamil Nadu Chief Minister M K Stalin and officials during the investors meeting in San Francisco, an official release here said. The chief minister, who is leading a high-level official delegation, is currently on a tour to the US till September 14 to attract investments into Tamil Nadu, as part of an ambitious goal to transform the state into a USD one trillion economy by 2030. He left for the US on August 27. He participated in a meeting with potential investors in San Francisco on Thursday. A MoU was signed with Nokia, represented by Chief Strategy and Technology Officer Nishant Batra and President - Fixed Network Business Group Sandy Motley, for a new Nokia R&D Center, their Largest Fixed Network test bed in the world, for innovations in 10G, 25G, 50G, and 100G PON, Fixed Wireless Access, MDU solutions, to be set up at SIPCOT, Siruseri, Chengalpattu at a cost of Rs 450 crore generating 100 jobs. The Finnish multinational telecommunications, information technology and consumer electronics company is one of the Fortune 500 companies. An agreement with the American multinational financial technology company supporting online money transfers PayPal, represented by Srini Venkatesan and Zi-Yang David Fan, for an Advanced Development Centre focused on AI, to be set up at Chennai, generating 1,000 jobs, was signed on the occasion. The government also inked pact with Yield Engineering Systems, headquartered in Fremont, California, represented by Ramakanth Alapati and Prabhat Mishra, for a product development & manufacturing facility for semiconductor equipment to be set up at Sulur, Coimbatore, at a cost of Rs 150 crore, generating 300 jobs. The TN government signed a MoU with Microchip, headquartered in Chandler, Arizona, represented by Patrick Johnson and Bruce Weyer, for an R&D Centre in semiconductor technology to be set up at Semmancherry, Chennai, at a cost of Rs 250 crore, generating 1,500 jobs. Globally, Microchip has many manufacturing facilities in countries like the USA, China, Thailand, South Korea etc. The company is one of the Fortune 500 companies. Microchip has been operating in Chennai since 2012, the release said. A pact was inked with Infinx healthcare technology company, headquartered in San Jose, California, represented by Radhika Tandon, for a Technology and Global Delivery Centre to be set up at ELCOT Vadapalanji, Madurai, at a cost of Rs 50 crore generating 700 jobs. Another MoU was signed with Applied Materials, world's number one semiconductor and display equipment company, represented by Prabu Raja and Satheesh Kuppurao, for an Advanced AI-Enabled Technology Development Centre for Semiconductor Manufacturing & Equipment to be set up at Taramani, Chennai, generating 500 jobs. The firm is based in Santa, California, and operates from Clara city as its corporate headquarters. Industries Minister T R B Rajaa, and senior government officials were present during the signing of the agreements. The chief minister would address the Tamil community on August 31, and hold discussions with representatives from the US-based companies at Chicago on September 2, and urge them to invest in Tamil Nadu. During his trip, he would meet the CEOs of Fortune 500 companies. He will return to Chennai on September 14.

Tamil Nadu inks MoU with six companies for investment proposals to the tune of ₹900 crore

The MoU with Nokia, PayPal Holdings, Inc., Yield Engineering Systems, Microchip Technology Inc., Infinx Healthcare, and Applied Materials were signed in the presence of M.K. Stalin in San Francisco On Tamil Nadu Chief Minister M.K. Stalin's first day in San Francisco in the United States, the State government signed memoranda of understanding (MoU) with six companies for investment proposals to the tune of ₹900 crore. An official release said that these MoU signed for investment proposals would provide employment to about 4,100 people in Chennai, Coimbatore, and Madurai. The MoU with Nokia, PayPal Holdings, Inc., Yield Engineering Systems, Microchip Technology Inc., Infinx Healthcare, and Applied Materials were signed in the presence of Mr. Stalin in San Francisco on Thursday, 29 August, 2024 (Friday morning IST). The MoU signed with Finnish multinational telecommunications major Nokia - a Fortune 500 company - was over setting up a research and development unit, including a network testing centre in SIPCOT campus at Siruseri, with an investment of ₹450 crore. Nokia's chief strategy and technology officer Nishant Batra and president of Fixed Network Business Group Sandy Motley were present when the MoU was signed. PayPal Holdings, an American multinational digital payments company, signed an MoU with the Tamil Nadu government for establishing an advanced development centre focussed on Artificial Intelligence. The MoU was signed in the presence of EVP chief technology officer Srini Venkatesan and head of International Government Relations Zi-Yang David Fan. The MoU with Yield Engineering Systems, an American semiconductor manufacturing company, was to set up a product development and manufacturing facility for semiconductor equipment at Sulur in Coimbatore with an investment of ₹150 crore. Yield's chairman and CEO Ramakanth Alapati and chief financial officer Prabhat Mishra were present at the signing. American semiconductor company Microchip Technology Inc.'s MoU was to set up a research and development centre in semiconductor technology in Chennai with an investment of ₹250 crore. Microchip senior corporate vice president Patrick F. Johnson and corporate vice president Bruce Weyer signed the MoU. Infinx Healthcare, which chose Madurai to set up its office in July earlier, would establish a technology and global delivery centre on ELCOT campus in the district with an investment of ₹50 crore. Infinx chief marketing officer Radhika Tandon was present at the signing. American semiconductor company Applied Materials would set up an advanced artificial intelligence-enabled technology development centre for semiconductor manufacturing and equipment in Taramani in Chennai. Applied Materials Group president Prabu Raja and vice president Satheesh Kuppurao were present. Tamil Nadu's Industries Minister T.R.B. Rajaa and senior officials from the Industries, Investment Promotion and Commerce Department were also present on the occasion. In a social media post, Mr. Stalin said that his first day in San Francisco has set a promising tone for the days to follow. "With two more weeks ahead, we continue to intensify this momentum and attract more investors to Tamil Nadu, propelling our march towards a trillion-dollar economy," Mr. Stalin said. Read Comments

Tamil Nadu govt inks pact with Microchip, Nokia, PayPal during CM's visit to San Francisco

An MoU was signed with Nokia, represented by Chief Strategy and Technology Officer Nishant Batra and President - Fixed Network Business Group Sandy Motley, for a new Nokia R&D Center, their Largest Fixed Network test bed in the world, for innovations in 10G, 25G, 50G, and 100G PON, Fixed Wireless Access, and MDU solutions, to be set up at SIPCOT, Siruseri, Chengalpattu at a cost of Rs 450 crore, generating 100 jobs. The Finnish multinational telecommunications, information technology and consumer electronics company is one of the Fortune 500 companies. An agreement has also been signed with the American multinational financial technology company supporting online money transfers PayPal, represented by Srini Venkatesan and Zi-Yang David Fan, for an Advanced Development Centre focused on AI, to be set up at Chennai, generating 1,000 jobs. The government also inked a pact with Yield Engineering Systems, headquartered in Fremont, California, represented by Ramakanth Alapati and Prabhat Mishra, for a product development & manufacturing facility for semiconductor equipment to be set up at Sulur, Coimbatore, at a cost of Rs 150 crore, generating 300 jobs. The TN government also signed an MoU with Microchip, headquartered in Chandler, Arizona, represented by Patrick Johnson and Bruce Weyer, for an R&D Centre in semiconductor technology to be set up at Semmancherry, Chennai, at a cost of Rs 250 crore, generating 1,500 jobs. Globally, Microchip has many manufacturing facilities in countries like the USA, China, Thailand, South Korea etc. The company is one of the Fortune 500 companies. Microchip has been operating in Chennai since 2012, the release said. A pact was inked with Infinx healthcare technology company, headquartered in San Jose, California, represented by Radhika Tandon, for a Technology and Global Delivery Centre to be set up at ELCOT Vadapalanji, Madurai, at a cost of Rs 50 crore, generating 700 jobs. Another MoU was signed with Applied Materials, said to be the world's number one semiconductor and display equipment company, represented by Prabu Raja and Satheesh Kuppurao, for an Advanced AI-Enabled Technology Development Centre for Semiconductor Manufacturing & Equipment to be set up at Taramani, Chennai, generating 500 jobs. The firm's corporate headquarters is in Santa Clara, California. Industries Minister T R B Rajaa and senior government officials were present during the signing of the agreements. Speaking at the investors' conference, the chief minister said that Tamil Nadu has one of the fastest growing economies in the world today. With more than 39,000 factories and 2.6 million industrial workers, Tamil Nadu is one of the leading industrial states in India, he said. Tamil Nadu has a large share in India's GDP and is the number one state in exports in the country in electronics, motor vehicle and spares and Textiles sectors. The state topped the Export Readiness Index too, Stalin said. "Our aspirational goal is to make Tamil Nadu a USD 1 trillion economy by 2030. To achieve this, we are focusing on attracting capital-intensive and employment-generating industries. Such a two-pronged approach is now yielding positive results," he said. Numerous American companies have set up their projects in Tamil Nadu and negotiations are on with several other companies. "We welcome your further investments... We can grow only through mutual friendship," a release quoting Stalin emphasised while requesting the companies that already have a presence to further expand their businesses. "The first day in San Francisco has set a promising tone for the days to follow! Secured investments exceeding Rs 900 crore for Chennai, Coimbatore, Madurai, and Chengalpattu, paving the way for 4,100 new jobs in multiple sectors," the Chief Minister said in a post on social media platform X. "With two more weeks ahead, we continue to intensify this momentum and attract more investors to Tamil Nadu, propelling our march towards a trillion dollar economy," Stalin further said. In another post he said, "An invigorating evening at the investors' conclave where we had dynamic discussions, inviting global investors to Tamil Nadu, the land of boundless potential and vast opportunities. Let's chase our dream with steadfast determination." The chief minister will address the Tamil community on August 31. He will be holding discussions with representatives from the US-based companies at Chicago on September 2 and urge them to invest in Tamil Nadu. During his trip, he will also be meeting the CEOs of Fortune 500 companies. The CM will return to Chennai on September 14. PTI JSP KH JSP ANE

Tamil Nadu govt signs MoU with Nokia, PayPal, Microchip; aims financial boost in state

These agreements are signed by Guidance Tamil Nadu, an investment promotion agency of the state government in the presence of Chief Minister MK Stalin and Industries Minister TRB Rajaa. Under the agreement signed, Nokia will set up a new Research and Development Centre in Tamil Nadu at a cost of Rs 450 crore that will generate 100 jobs while PayPal will set up an Advanced Development Centre in Chennai and will generate 1000 jobs. Microchip will set up a new Research and Development Centre in Semiconductor Technology at Semmancherry, Chennai, at a cost of Rs 250 Cr that will generate 1,500 jobs. Yield Engineering Systems will set up a product development and manufacturing facility for semiconductor equipment at Sulur, Coimbatore, at a cost of Rs 150 Cr that will generate 300 jobs. In a social media post on X, TRB Rajaa wrote, "In the presence of @CMOTamilNadu Thiru. @MKStalin and Minister for Industries Dr. @TRBRajaa, @Guidance_TN signed an MoU with Nokia, represented by Nishant Batra and Sandy Motley, for a new Nokia R&D Center, their Largest Fixed Network test bed in the world, for innovations in 10G, 25G, 50G, and 100G PON, Fixed Wireless Access, MDU solutions, to be set up at SIPCOT, Siruseri, Chengalpattu at a cost of Rs 450 crore generating 100 jobs." "In the presence of @CMOTamilNadu Thiru. @MKStalin and Minister for Industries Dr. @TRBRajaa, @Guidance_TN signed an MoU with PayPal, represented by Srini Venkatesan and Zi-Yang David Fan, for an Advanced Development Centre focused on AI, to be set up at Chennai, generating 1,000 jobs," it added. "In the presence of @CMOTamilNadu Thiru. @MKStalin and Minister for Industries Dr. @TRBRajaa, @Guidance_TN signed an MoU with Yield Engineering Systems, represented by Ramakanth Alapati and Prabhat Mishra, for a product development & manufacturing facility for semiconductor equipment to be set up at Sulur, Coimbatore, at a cost of Rs 150 Cr generating 300 jobs," it further added. The tweet added, "In the presence of @CMOTamilNadu Thiru. @MKStalin and Minister for Industries Dr. @TRBRajaa, @Guidance_TN signed an MoU with Microchip, represented by Mr. Patrick Johnson and Mr. Bruce Weyer, for an R&D Centre in Semiconductor Technology to be set up at Semmancherry, Chennai, at a cost of Rs 250 Cr generating 1,500." Tamil Nadu Chief Minister MK Stalin is on an official visit to the United States to secure support and investments aimed at boosting the prosperity of the state. (ANI)